Onyx Analysis
What is Onyx?
Onyx Private is a financial technology company that presented itself as a modern private bank for young professionals, investors, and entrepreneurs. Its LinkedIn page described premium digital banking, wealth management, and 24/7 concierge service, while also stating it was not a bank and used Piermont Bank for banking services. Y Combinator listed the company as acquired, and its founder bio cited $100 million in annual TPV before acquisition by Citizens Bank.
Location
Miami, United States
Employees
1-10
Founded
2021
Revenue
$2.4M
Business Model
Shifting from B2C to B2B, focusing on affluent banking services.
Product Features & Capabilities
- digital banking platform, investment portfolios, wealth management solutions, customizable super app, digital onboarding experience, anti-fraud and security tools, personalized tax-loss harvesting robo-advisor, joint accounts, high-yield money market accounts, alternative investments, AI-driven financial recommendations, net worth tracking, scalable marketing and loyalty programs, native bill pay.
Pricing
- Basic Membership: $0 (Free)
- Plus Membership: $90 yearly; or $10/month with an annual commitment
- Premium Membership: $240 yearly; or $25/month with an annual commitment
Who are the founders of Onyx
Market Focus
Onyx primarily focuses on the financial services industry, specifically in the area of private banking, wealth management, and investment services through a digital platform.
Competitors Overview
Onyx operates in the digital banking and wealth management sector, primarily targeting affluent customers. Its main competitors include:
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Chime: A digital bank known for its user-friendly services and strong market presence. Chime focuses on providing basic banking services without fees, appealing to a broad audience.
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Stash: An automated investment and robo-advisory platform that helps users manage their finances and investments. Stash differentiates itself by focusing on investment education and accessibility.
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Dave: A digital banking service that helps users avoid overdraft fees, appealing to individuals who may struggle with traditional banking fees. Its focus on budgeting tools sets it apart from Onyx.
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Albert: An internet-first bank that offers budgeting tools and financial advice, targeting users looking for comprehensive financial management solutions.
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Current: A digital bank that provides tailored banking services for individuals, focusing on customer engagement and innovative features.
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Sila: A fintech company that offers payment processing and banking services, focusing on integrating with other financial applications.
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Republic Bank: A traditional bank that also offers digital banking services, competing with Onyx in the wealth management space.
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cred.ai: A fintech competitor that provides unique banking services, including credit management and financial planning.
Notable differences include the specific target markets, service offerings, and technological capabilities of these competitors. For instance, while Onyx emphasizes a tailored banking experience for high earners, competitors like Chime and Dave focus on broader consumer banking solutions.
Investors
- Village Global
- Y Combinator
- Global Founders Capital
- One Way Ventures
- 186 Ventures
- Olive Tree Capital
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